On 11th September, Vitalik Buterin Co-Founder of Ethereum, took to Twitter to clarify his “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” statement that went viral among the crypto community.
Buterin stated that his statement did not mean that there will be no growth in cryptocurrency industry anymore. In his words:
“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. “
Explaining what he meant by a “1000x price increase,” he said considering a 1000x increase from the present day would mean $200 trillion in cryptocurrency or in other words an entire 70% of the world’s wealth in crypto. He argued that the entire wealth of the world would not turn into cryptocurrencies.
According to Vitalik, since many people have already heard about crypto, further expansion in the industry would only come from “depth [actual usage]” and not by just bringing in more attention.
Sunny Lu, CEO of VeChain stepped into the conversation and put his viewpoint across.
“Why don’t we just focus on how much business value can be actually running on Blockchain and how much liquidity of cryptocurrencies we will need for this happening and growing?”
Backing Sunny’s tweet, the financial advisor of OneAlt Group said that Buterin was not thinking in terms of business value which is essential for the growth of the industry and will be responsible for bringing back value to the market.
CEO of Binance, Changpeng Zhao also disagreed with Buterin. The CEO took to Twitter to comment on same. He said:
“I will say crypto will absolutely grow 1000x and more!”
Zhao also stated that reaching the USD market cap alone will give the industry a 1000-times boost, which is just a single currency with a restricted use case. The derivates market is so much bigger, he concluded.
Referring to an analysis published by JPMorgan, Twitterati Gabe Taps said, Market cap, need not necessarily reflect the inflow of cash. In reality, it is 50 times the net cash inflow, which means a $200 trillion market cap could be reached with about $4 trillion.
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